Methods To Advance Loan Proceeds On Prepaid Cards, Associated Systems And Computer Program Products

Abstract

Embodiments of the present invention include systems, computer program products, and associated computer-implemented methods of advancing loan proceeds on prepaid cards. Example embodiments include generating a common interface for loan information when proceeds from the loan are destined for a prepaid card account. As understood by those skilled in the art, the common interface of the embodiments of the present invention is agnostic to the prepaid card processor. Example embodiments include determining the prepaid card processor associated with the prepaid card account from the loan information provided through the common interface and invoking the prepaid processor as one of the plurality of preselected prepaid processors available to post the loan proceeds to the prepaid card account. Example embodiments further include reconciling the information for the approved loan from the underwriter with the information from the prepaid card processor.

Description

RELATED APPLICATIONS[0001]This application claims priority to and the benefit of U.S. Provisional Patent Application No. 61 / 029,975, titled “Methods to Advance Loan Proceeds on Prepaid Cards, Associated Systems and Computer Program Products”, filed on Feb. 20, 2008, incorporated herein by reference in its entirety. This application relates to: U.S. Provisional Patent Application Ser. No. 61 / 052,454, by Sorbe et al., titled “Transfer Account Systems, Computer Program Products, and Methods to Prioritize Payments from Preselected Bank Account” filed May 12, 2008; U.S. Provisional Patent Application Ser. No. 61 / 042,612, by Ahlers et al., titled “System, Program Product, and Associated Methods To Autodraw for Micro-Credit Attached to a Prepaid Card” filed on Apr. 4, 2008; U.S. Provisional Patent Application Ser. No. 61 / 042,624, by Crowe et al., titled “System, Program Product, and Method To Authorize Draw for Retailer Optimization” filed on Apr. 4, 2008; U.S. Provisional Patent Applicati...

AI Technical Summary

Benefits of technology

[0008]Applicant has identified that the different interfaces of the existing prepaid card processors are a source of problems with advancing loan proceeds on a scalable volume of prepaid cards. For example, these different interfaces can add complexity and can needlessly limit the ability of a lender to make loans widely available to customers with prepaid cards. An interface is defined as a boundary across which two systems interact or communicate, including the software codes and data formats that applications use to communicate, as understood by those skilled in the art. From a customer's point of view, it is desirable to be able to apply for a loan and have access to the proceeds without having to collect the loan proceeds in person. Likewise, lenders would like to be able to offer loans and advance the proceeds conveniently, without concerning retail space for the delivery of the proceeds. Also from a customer's point of view, it is desirable for multiple lenders to be able to compete for the customers business. From a lender's perspective, it is desirable to be able to make a loan to anyone with a loadable prepaid card, without regard to the specific prepaid card processor associated with the customer's prepaid card. Moreover, it is desirable from a lender's perspective to post loan proceeds through multiple prepaid card processors, yet mask the complexity of interacting with various interfaces by utilizing a single, common interface. In addition to broadening the market of lenders to prepaid card accounts, the results of a common interface are reduced error rates and training costs. In view of the foregoing, Applicant provides computer-implemented methods to advance loan proceeds on prepaid cards, and associated systems and computer program products.

[0009]Embodiments of the present invention include generating a common interface for loan information when proceeds from the loan are destined for a prepaid card account. As understood by a person having ordinary skill in the art, the common interface of the embodiments of the present invention is agnostic to the prepaid card processor. That is, the common interface covers, works with, or feeds various prepaid card processors, as understood by those skilled in the art. Therefore, the information provided through the common interface will enable the advancing of loan proceeds to prepaid card accounts associated with a plurality of prepaid card processors.

Problems solved by technology

Applicant has identified that the different interfaces of the existing prepaid card processors are a source of problems with advancing loan proceeds on a scalable volume of prepaid cards.

For example, these different interfaces can add complexity and can needlessly limit the ability of a lender to make loans widely available to customers with prepaid cards.

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